Coastal Highway Will Hinder Foreign Direct Investment

The presidential candidate of the Peoples Democratic Party (PDP) in the last election Atiku Abubakar said having President Bola Tinubu’s son on the board of companies owned by Gilbert Chagoury constitutes a conflict of interest to the present administration.
Atiku in a statement yesterday by his Media Adviser, Paul Ibe therefore advised Tinubu to focus more on attracting real investors than adopting propaganda as a state policy.
The former vice president disclosed that Tinubu’s son, Seyi, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which manufactures ceramic tiles and sanitary towels.
Referencing a report by Paris-based Africa Intelligence News Agency where it was revealed by the Corporate Affairs Commission that Seyi is officially a business associate of Chagoury, the former Vice President said it was “Not surprising that the Chagoury Group had become the biggest beneficiary of the Tinubu largesse.”
The PDP chieftain also noted that the recent demolition of tourist and recreational facilities and other properties including parts of landmark to pave way for the Lagos – Calabar Coastal highway will negatively impact on Foreign Direct Investment to the country.
The former vice president restated that it has become obvious even to the undiscerning that the Lagos-Calabar Coastal Highway is being done in a hurry purely because of the business relationship between Tinubu and Gilbert Chagoury, the owner of Hitech, the contractor that was awarded the contract for the highway project in contravention of the procurement laws.
He said: “It is on record that this project is the most expensive single project ever embarked upon by the Nigerian government. The fact that it is happening at a time Nigeria is facing its worst economic crisis ever is a red flag.
“To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding. From all indications, the so-called Badagry-Sokoto highway would be awarded in a similar fashion at an enormous cost to taxpayers purely because Tinubu has put his personal interest ahead of the Nigerian people.”